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Ron Paul: Dollar implosion 95% likely. Me: ****.
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georgia_tech_swagger Offline
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Post: #1
Ron Paul: Dollar implosion 95% likely. Me: ****.
http://hotlineoncall.nationaljournal.com..._12_ru.php

Quote:Prior to appearing before the Virginia Tea Party Patriots Convention in Richmond, Paul called a complete implosion of the U.S. currency system "95% likely... [because] right now the whole world is racing to beat their currencies because they think it's going to help trade...But let me tell you, if the bombs started to fall on Iran, hold your hat, because that would be, I believe, the end of our dollar system. And we would have a real skirmish to find out what we're going to replace this government with."
10-13-2010 11:03 AM
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DrTorch Offline
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Post: #2
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
What does "implosion" mean? Inflation or deflation? Or is this catastrophically worse than we realize?

Denninger has posted links to others saying similar things

http://www.presstv.ir/detail/146243.html

And the death of the banks AND FED!

http://market-ticker.org/akcs-www?post=168962

(I figure you like that last one, GTS)
10-13-2010 11:57 AM
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georgia_tech_swagger Offline
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RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
Implosion means catastrophic failure. Hyperinflation.
10-13-2010 12:30 PM
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flyingswoosh Offline
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RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
what do smart people do to hedge against something like that? other than a gun, what would be a smart thing to own?
10-13-2010 02:29 PM
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Post: #5
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 02:29 PM)flyingswoosh Wrote:  what do smart people do to hedge against something like that? other than a gun, what would be a smart thing to own?

Ammunition.
10-13-2010 02:32 PM
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RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
BTW, if the **** really does hit the fan, and it implodes to the point where we'll be bartering because the dollar won't be worth a damn, you better be able to do something. Hunt, fish, make clothes, something to barter.

....but the Obama-loving liberals think it'll never happen here. Happened in Germany, happened in Zimbabwe, happened in many other places, but we're somehow immune. Yeah, the economic "physics" cease to exist at our shores. 01-wingedeagle
10-13-2010 02:34 PM
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DrTorch Offline
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RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 02:34 PM)Rebel Wrote:  BTW, if the **** really does hit the fan, and it implodes to the point where we'll be bartering because the dollar won't be worth a damn, you better be able to do something. Hunt, fish, make clothes, something to barter.

Good thing I went to a liberal arts college. 03-banghead
10-13-2010 02:59 PM
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georgia_tech_swagger Offline
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Post: #8
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 02:29 PM)flyingswoosh Wrote:  what do smart people do to hedge against something like that? other than a gun, what would be a smart thing to own?

Ham radio.
Non-perishables.
Lots of ammo.
Lots of land.

Optional but makes life so much better... ability to pull 200-300W off solar or readily available cheap energy sources. That's enough to easily run a fridge/freezer and still have 50W which is more than enough to reach out and touch all around the world on ham radio.
10-13-2010 03:12 PM
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Post: #9
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
I'm taking over Jeremy's compound when the **** hits the fan. 05-stirthepot
10-13-2010 03:18 PM
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Hambone10 Offline
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Post: #10
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
The dollar will still be worth a dollar. The problem is that we won't be able to buy foriegn, or market driven goods with it.

US goods will be cheap, but we don't produce much of anything, so THAT will suck. Stuff produced here will be "ok"... but businesses will be clamoring to sell goods overseas

What will "smart" people own?? Pounds Sterling, Euros, Natural Resources
10-13-2010 03:18 PM
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georgia_tech_swagger Offline
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Post: #11
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 03:18 PM)Hambone10 Wrote:  Natural Resources

Commodities FTW.
10-13-2010 03:19 PM
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Post: #12
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 03:18 PM)Hambone10 Wrote:  The dollar will still be worth a dollar. The problem is that we won't be able to buy foriegn, or market driven goods with it.

US goods will be cheap, but we don't produce much of anything, so THAT will suck. Stuff produced here will be "ok"... but businesses will be clamoring to sell goods overseas

What will "smart" people own?? Pounds Sterling, Euros, Natural Resources

Why Euros? Europe is in even worse shape.
10-13-2010 03:21 PM
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flyingswoosh Offline
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RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 03:19 PM)georgia_tech_swagger Wrote:  
(10-13-2010 03:18 PM)Hambone10 Wrote:  Natural Resources

Commodities FTW.

this is what i was looking for. which should i look into?
10-13-2010 03:23 PM
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Post: #14
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 03:23 PM)flyingswoosh Wrote:  
(10-13-2010 03:19 PM)georgia_tech_swagger Wrote:  
(10-13-2010 03:18 PM)Hambone10 Wrote:  Natural Resources

Commodities FTW.

this is what i was looking for. which should i look into?

Pork bellies.


Not really, I just wanted to say pork bellies.
10-13-2010 03:33 PM
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DrTorch Offline
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Post: #15
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 03:12 PM)georgia_tech_swagger Wrote:  
(10-13-2010 02:29 PM)flyingswoosh Wrote:  what do smart people do to hedge against something like that? other than a gun, what would be a smart thing to own?

Ham radio.
Non-perishables.
Lots of ammo.
Lots of land.

Optional but makes life so much better... ability to pull 200-300W off solar or readily available cheap energy sources. That's enough to easily run a fridge/freezer and still have 50W which is more than enough to reach out and touch all around the world on ham radio.

I'd add to that list a bicycle (and repair equip). Bicycling is a very efficient mode of transportation, and quite cheap.
10-13-2010 03:38 PM
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Hambone10 Offline
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Post: #16
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
The question is what will they own... not what SHOULD they own... that's why I put "smart" in quotes.

Europe isn't the "consumer nation" that we are. They're in worse shape, but their currencies might not suffer relative to ours because they aren't so dependent on imports.

In 2006 we were roughly 1.20/Eur Now we're closer to 1.40 and have varied between 1.30 and 1.50 In 2002, we were 0.80/Eur. This is where I take my cue from... though I'll freely admit that it isn't some 1:1 relationship. Most commodities (as investments) aren't either. Gold has tripled since 2003 on a fairly consistent basis. That doesn't really correlate to anything in the economy. IOW, it's rise is at least somewhat coincidental and not necessarily an effect. They'll own gold as well, driving up the price and claim that justifies their purchase... but is it a fait accompli?? A pyramid scheme??

Own things they need and can't make more of... Land. I mean, WHY is gold valuable?? Because we think it's pretty... NOT because it's tied to any ability to purchase goods. In "The Road Warrior", gold is worthless. Other than sell it, what can a farmer do with gold?? If you own land... it MIGHT have gold/coal/minerals... it MIGHT have oil/gas... it MIGHT have water... it MIGHT be able to grow crops or feed cattle. Worst case scenario, you have land and water to grow/raise food

I guess it depends on how bad you think things will get.
(This post was last modified: 10-13-2010 03:42 PM by Hambone10.)
10-13-2010 03:40 PM
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RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 03:18 PM)Hambone10 Wrote:  The dollar will still be worth a dollar. The problem is that we won't be able to buy foriegn, or market driven goods with it.

US goods will be cheap, but we don't produce much of anything, so THAT will suck. Stuff produced here will be "ok"... but businesses will be clamoring to sell goods overseas

What will "smart" people own?? Pounds Sterling, Euros, Natural Resources

Which is why I think a collapse of the dollar could ultimately be a good thing. It should open up the demand again for US goods locally and worldwide.

The only thing that I think will hurt the consumer is the line of credit. It will be much harder to get credit via credit cards, and in my mind that's a great thing.

As long as we survive the depression, we should offset this credit/consumer economy to a save & spend/consumer economy.

I'm also curious to why you mentioned Euros. I'd prefer a Chinese Yuan or a Japanese Yen at this point. Plus a Sterling or any kind of Silver Coin, Gold Coins and definitely heating oil, generators etc.
10-13-2010 04:32 PM
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SumOfAllFears Offline
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Post: #18
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
Gold
10-13-2010 05:00 PM
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Hambone10 Offline
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RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 04:32 PM)animus Wrote:  
(10-13-2010 03:18 PM)Hambone10 Wrote:  The dollar will still be worth a dollar. The problem is that we won't be able to buy foriegn, or market driven goods with it.

US goods will be cheap, but we don't produce much of anything, so THAT will suck. Stuff produced here will be "ok"... but businesses will be clamoring to sell goods overseas

What will "smart" people own?? Pounds Sterling, Euros, Natural Resources

Which is why I think a collapse of the dollar could ultimately be a good thing. It should open up the demand again for US goods locally and worldwide.

The only thing that I think will hurt the consumer is the line of credit. It will be much harder to get credit via credit cards, and in my mind that's a great thing.

As long as we survive the depression, we should offset this credit/consumer economy to a save & spend/consumer economy.

I'm also curious to why you mentioned Euros. I'd prefer a Chinese Yuan or a Japanese Yen at this point. Plus a Sterling or any kind of Silver Coin, Gold Coins and definitely heating oil, generators etc.

I don't think our standard of living can fall enough to make us competitive with China/Mexico or even India etc... at least I don't WANT it to.

The credit you speak of is not related to domestic debt. International credit will contract by a TON... which will hurt the economy and NOT be a good thing in any way. You'll have to borrow more dollars to buy the same assets. You'll actually benefit by having lots of credit card debt today as you'll be paying it off with "cheaper" dolars in the future. Take a cash advance and buy some of these "better" assets... then sell it and pay off the debt.

a pound sterling is not exchangable for silver any more than a dollar is.... and while I DID say Natural Resources... depending upon how bad things get in your mind... water might be more valuable than gold

As to the Yuan, it isn't a free floating currency but is manipulated by the Chinese and is CURENTLY indexed to its greatest trade partner... us.... so good luck with that.

As to the Yen, I'd argue that the EU is a more diverse economy overall than Japan and the float is greater. Feel free to disagree. I wasn't trying to make an exhaustive list
(This post was last modified: 10-13-2010 05:18 PM by Hambone10.)
10-13-2010 05:03 PM
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georgia_tech_swagger Offline
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Post: #20
RE: Ron Paul: Dollar implosion 95% likely. Me: ****.
(10-13-2010 04:32 PM)animus Wrote:  Which is why I think a collapse of the dollar could ultimately be a good thing.

Except that it will practically overnight wipe out the life savings and retirements of most of America, and take several generations of Americans who already feel they are entitled to a good life without working from the government and remove the government teet, causing civil unrest.
10-13-2010 05:05 PM
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